SNS(SZ:300470)2024-09-01 06:34Group 1: Financial Performance - The company achieved a revenue growth of 18.08% and a profit growth of 7.64% in the first half of 2024 compared to the same period last year [2] - The mechanical seal segment saw an increase in revenue from new business, but the overall gross margin slightly declined due to a higher proportion of lower-margin incremental business [2] - The international market continued to grow rapidly, with revenue increasing by nearly 70% year-on-year, and new export orders also saw significant growth [3] Group 2: Market Conditions - The domestic petrochemical sector is facing intensified competition, leading to pressure on the gross margin of incremental business, which is expected to remain low in the short term [3][4] - The nuclear power sector is progressing slowly due to high safety requirements and long execution cycles, but the company remains optimistic about future growth in this area [3] - The pipeline sector achieved good results in offshore platform projects, with multiple orders signed and delivered [2] Group 3: Operational Strategies - The company has maintained low expense ratios through effective cost and expense management, leveraging scale effects and digitalization [4] - There are no immediate plans for short-term capacity expansion, but a long-term plan for building a new seal manufacturing facility is in place, expected to take about three years [4] - The company has not adjusted its revenue targets for the year and remains confident in achieving its goals [4] Group 4: Business Segments - The rubber and plastic sealing segment has shown stable development with slight improvements in gross margin due to cost reduction efforts [3] - The special valve segment secured several large project orders in the water conservancy and petrochemical fields, with revenue showing significant growth [3]